§ 8.9A-611. Notification before disposition of collateral.
(a) "Notification date." In this section, "notification date" means theearlier of the date on which:
(1) a secured party sends to the debtor and any secondary obligor anauthenticated notification of disposition; or
(2) the debtor and any secondary obligor waive the right to notification.
(b) Notification of disposition required. Except as otherwise provided insubsection (d), a secured party that disposes of collateral under § 8.9A-610shall send to the persons specified in subsection (c) a reasonableauthenticated notification of disposition.
(c) Persons to be notified. To comply with subsection (b), the secured partyshall send an authenticated notification of disposition to:
(1) the debtor;
(2) any secondary obligor; and
(3) if the collateral is other than consumer goods:
(A) any other person from which the secured party has received, before thenotification date, an authenticated notification of a claim of an interest inthe collateral;
(B) any other secured party or lienholder that, ten days before thenotification date, held a security interest in or other lien on thecollateral perfected by the filing of a financing statement that:
(i) identified the collateral;
(ii) was indexed under the debtor's name as of that date; and
(iii) was filed in the office in which to file a financing statement againstthe debtor covering the collateral as of that date; and
(C) any other secured party that, ten days before the notification date, helda security interest in the collateral perfected by compliance with a statute,regulation, or treaty described in § 8.9A-311 (a).
(d) Subsection (b) inapplicable; perishable collateral; recognized market.Subsection (b) does not apply if the collateral is perishable or threatens todecline speedily in value or is of a type customarily sold on a recognizedmarket.
(e) Compliance with subsection (c) (3) (B). A secured party complies with therequirement for notification prescribed by subsection (c) (3) (B) if:
(1) not later than twenty days or earlier than thirty days before thenotification date, the secured party requests, in a commercially reasonablemanner, information concerning financing statements indexed under thedebtor's name in the office indicated in subsection (c) (3) (B); and
(2) before the notification date, the secured party:
(A) did not receive a response to the request for information; or
(B) received a response to the request for information and sent anauthenticated notification of disposition to each secured party or otherlienholder named in that response whose financing statement covered thecollateral.
(1964, c. 219, § 8.9-504; 1973, c. 509; 2000, c. 1007.)
§ 8.9A-611. Notification before disposition of collateral.
(a) "Notification date." In this section, "notification date" means theearlier of the date on which:
(1) a secured party sends to the debtor and any secondary obligor anauthenticated notification of disposition; or
(2) the debtor and any secondary obligor waive the right to notification.
(b) Notification of disposition required. Except as otherwise provided insubsection (d), a secured party that disposes of collateral under § 8.9A-610shall send to the persons specified in subsection (c) a reasonableauthenticated notification of disposition.
(c) Persons to be notified. To comply with subsection (b), the secured partyshall send an authenticated notification of disposition to:
(1) the debtor;
(2) any secondary obligor; and
(3) if the collateral is other than consumer goods:
(A) any other person from which the secured party has received, before thenotification date, an authenticated notification of a claim of an interest inthe collateral;
(B) any other secured party or lienholder that, ten days before thenotification date, held a security interest in or other lien on thecollateral perfected by the filing of a financing statement that:
(i) identified the collateral;
(ii) was indexed under the debtor's name as of that date; and
(iii) was filed in the office in which to file a financing statement againstthe debtor covering the collateral as of that date; and
(C) any other secured party that, ten days before the notification date, helda security interest in the collateral perfected by compliance with a statute,regulation, or treaty described in § 8.9A-311 (a).
(d) Subsection (b) inapplicable; perishable collateral; recognized market.Subsection (b) does not apply if the collateral is perishable or threatens todecline speedily in value or is of a type customarily sold on a recognizedmarket.
(e) Compliance with subsection (c) (3) (B). A secured party complies with therequirement for notification prescribed by subsection (c) (3) (B) if:
(1) not later than twenty days or earlier than thirty days before thenotification date, the secured party requests, in a commercially reasonablemanner, information concerning financing statements indexed under thedebtor's name in the office indicated in subsection (c) (3) (B); and
(2) before the notification date, the secured party:
(A) did not receive a response to the request for information; or
(B) received a response to the request for information and sent anauthenticated notification of disposition to each secured party or otherlienholder named in that response whose financing statement covered thecollateral.
(1964, c. 219, § 8.9-504; 1973, c. 509; 2000, c. 1007.)
§ 8.9A-611. Notification before disposition of collateral.
(a) "Notification date." In this section, "notification date" means theearlier of the date on which:
(1) a secured party sends to the debtor and any secondary obligor anauthenticated notification of disposition; or
(2) the debtor and any secondary obligor waive the right to notification.
(b) Notification of disposition required. Except as otherwise provided insubsection (d), a secured party that disposes of collateral under § 8.9A-610shall send to the persons specified in subsection (c) a reasonableauthenticated notification of disposition.
(c) Persons to be notified. To comply with subsection (b), the secured partyshall send an authenticated notification of disposition to:
(1) the debtor;
(2) any secondary obligor; and
(3) if the collateral is other than consumer goods:
(A) any other person from which the secured party has received, before thenotification date, an authenticated notification of a claim of an interest inthe collateral;
(B) any other secured party or lienholder that, ten days before thenotification date, held a security interest in or other lien on thecollateral perfected by the filing of a financing statement that:
(i) identified the collateral;
(ii) was indexed under the debtor's name as of that date; and
(iii) was filed in the office in which to file a financing statement againstthe debtor covering the collateral as of that date; and
(C) any other secured party that, ten days before the notification date, helda security interest in the collateral perfected by compliance with a statute,regulation, or treaty described in § 8.9A-311 (a).
(d) Subsection (b) inapplicable; perishable collateral; recognized market.Subsection (b) does not apply if the collateral is perishable or threatens todecline speedily in value or is of a type customarily sold on a recognizedmarket.
(e) Compliance with subsection (c) (3) (B). A secured party complies with therequirement for notification prescribed by subsection (c) (3) (B) if:
(1) not later than twenty days or earlier than thirty days before thenotification date, the secured party requests, in a commercially reasonablemanner, information concerning financing statements indexed under thedebtor's name in the office indicated in subsection (c) (3) (B); and
(2) before the notification date, the secured party:
(A) did not receive a response to the request for information; or
(B) received a response to the request for information and sent anauthenticated notification of disposition to each secured party or otherlienholder named in that response whose financing statement covered thecollateral.
(1964, c. 219, § 8.9-504; 1973, c. 509; 2000, c. 1007.)
